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<ul><li>A study by <keyword id="19900426" type="General" weightage="100" keywordseo="Accenture" source="keywords" meta.keywordsubtype="org" meta.entityname="Accenture" meta.hostid="261" meta.entityid="Accenture">Accenture</keyword> says GenAI could add billions to Indian economy</li><li>The study added that 31 percent of working hours in India could be automated</li><li> Indian economy could be up by as much as USD 675 billion by 2038</li></ul> In the last two years, there have been many debates about the possibility of AI replacing human beings at their jobs. Various tech experts have expressed their opinions on this. While there is one section of people saying that AI will make it easier for human beings to do their jobs, there is another section that fears being replaced altogether. Talking about the section that thinks AI will help humans do their jobs better, various experts have said in the past that AI will focus on mundane aspects of a job so that human beings can be fully focused on more challenging and creative parts. And a new study by Accenture seems to support this argument. Moreover, the study also says that due to the use of generative AI, Indian economy could be up by as much as USD 675 billion. <h2>GenAI could add USD 675 billion to Indian economy</h2>According to the study by Accenture, adopting a people-centric approach to GenAI could potentially add USD 675 billion to India's economy by 2038. This transformative impact hinges on a bold vision for reinvention, underscored by strong data and technology foundations, and an intentional approach to workforce development. The <keyword id="22702248" type="General" weightage="20" keywordseo="Accenture-study" source="keywords">Accenture study</keyword> highlights that the deployment of GenAI could automate approximately 31 percent of working hours in India. This significant shift is expected to contribute a 0.6 percentage point increase to the annual GDP growth, showcasing GenAI's potential as a powerful economic driver. However, the journey to harnessing this potential is fraught with both opportunities and challenges. For the unversed, generative AI, a subset of artificial intelligence, involves machines generating text, images, or other media in response to prompts. This technology has far-reaching implications for industries ranging from capital markets to retail, banking, insurance, and software platforms. Globally, these sectors are expected to witness the automation or augmentation of 49% to 71% of working hours due to GenAI. <h2>31 percent automation in India</h2>The Accenture study also highlights that in the Asia-Pacific region, the impact of GenAI is anticipated to be substantial, with Australia and Japan seeing the highest impact at 45% and 44% of working hours, respectively. For India, the projection of 31% automation signifies a seismic shift in how businesses operate and how work is performed. <keyword id="22702250" type="General" weightage="20" keywordseo="saurabh-kumar-sahu" source="keywords">Saurabh Kumar Sahu</keyword>, Lead for India Business at Accenture, underscored the necessity of a bold vision for reinvention. He said that the scaled and responsible deployment of GenAI can drive revenue growth and act as a force of change, reinventing functions across industries. However, unlocking the real value of GenAI requires businesses to have robust data and technology foundations. "The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI," Sahu said in a statement according to a report in Business Standard. <h2>89 percent businesses plan to increase AI spending</h2>Despite the promising prospects, there is a critical gap in preparation that could hinder the effective integration of GenAI. The Accenture study reveals that while 89% of businesses plan to increase spending on AI, only 35% prioritise workforce development. Moreover, a mere 4% of business leaders have implemented GenAI training at scale. This disparity underscores the urgent need for comprehensive skill development programs. As organisations embrace GenAI, equipping the workforce with the necessary skills is important to ensuring that the technology's implementation is both effective and sustainable. SEE ALSO: <a href="https://www.businessinsider.in/artificial-intelligence/news/verizon-sees-early-success-using-generative-ai-to-answer-questions-from-business-customers/amp_articleshow/112145960.cms" data-type="tilCustomLink" target="_blank">Verizon sees early success using generative AI to answer questions from business customers </a><a href="https://www.businessinsider.in/tech/news/yup-ai-is-basically-just-a-homework-cheating-machine/amp_articleshow/112330231.cms" data-type="tilCustomLink" target="_blank">Yup, AI is basically just a homework-cheating machine</a>

Indian economy could get USD 675 billion due to AI by 2038, study shows

More than nine in 10 Indian consumers, that is about 95 per cent, want an all-in-one platform to get better entertainment experiences, a new report said on Monday. While 72 per cent of consumers in the country said they would pay for an all-in-one platform for their entertainment services, five in six want the option to share their streaming profiles across platforms for better content personalisation, according to the report by <keyword id="6370971" type="General" weightage="100" keywordseo="accenture" source="Orion">Accenture</keyword>. "With a growing focus on revenue over the content and rising customer dissatisfaction with their media experiences, the streaming industry is at a critical stage of evolution," said <keyword id="5685226" type="General" weightage="50" keywordseo="saurabh-kumar-sahu" source="Orion">Saurabh Kumar Sahu</keyword>, managing director and lead for Communications, Media and Technology industry group, Accenture in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. "To stay relevant and profitable in an increasingly competitive media landscape, streaming service providers need to reimagine the entertainment ecosystem keeping in mind consumer needs for simplicity, customisation and affordability," he added. Moreover, the report also revealed that around 41 per cent of consumers in India unsubscribed from at least one of the top five streaming video-on-demand services in the last 12 months and 42 per cent said that they plan to remove one or more in the next 12 months. Over six in 10 consumers (62 per cent) in the country reported frustration at finding something to watch. While 77 per cent of users reported feeling overwhelmed by the range of streaming services available, 30 per cent said it takes more than 10 minutes to settle on a streaming choice, said the report. Further, the report mentioned three emerging roles for entertainment companies competing for consumers' time, attention and money are-- audience aggregators, audience cultivators and content merchants. "The shifts in consumer preferences and behaviour point towards the need for aggregation. As value becomes the key determinant of success, media companies need to become more customer-centric using data and analytics," said <keyword id="250493" type="General" weightage="50" keywordseo="neeraj-sharma" source="Orion">Neeraj Sharma</keyword>, managing director of Communications, Media and Technology, at Accenture in India. "Prior to the pandemic, star presence was a big draw for video streaming content, however in the post-pandemic economy story, treatment and performances have emerged as the real hero," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/amazon-launches-dedicated-air-cargo-service-for-faster-deliveries-in-india/articleshow/97246478.cms">Amazon launches dedicated air cargo service for faster deliveries in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/battery-start-up-log9-material-raises-40-million-series-b-funding-from-amara-raja-petronas-and-others/articleshow/97246206.cms">Battery start-up Log9 Material raises $40 million Series B funding from Amara Raja, Petronas and others</a>

Over 9 in 10 Indian consumers want all-in-one platform for entertainment: Accenture

Nearly seven in 10 subscribers to multiple <a href="https://www.businessinsider.in/tech/news/netflix-added-8-3-million-paid-subscribers-in-last-quarter-its-slowest-growth-since-2015/articleshow/89033252.cms" data-type="tilCustomLink">streaming services</a> in India expressed frustration with their viewing experiences, a report said on Thursday. According to a new report from global professional services company Accenture, 46 per cent of those surveyed indicate they spend more than six minutes searching for something to watch. "As the video streaming segment has matured, consumers are increasingly finding the experience to be complicated, expensive and hard to use," Saurabh Kumar Sahu, MD and lead for Communications, Media and Technology practice, Accenture in India, said in a statement. "Evolving consumer preferences and tough economics will create challenges for video streaming platforms. To win in this competitive space, the ecosystem needs a major reset, in addition to providing consumers greater control over their viewing experience," Sahu added. In addition to the challenge of finding something to watch, consumers in India also think more than 60 per cent of the content they are paying for is not relevant to them, the survey said, which included 6,000 consumers globally. Meanwhile, 81 per cent of those surveyed in India said they wish their profile from one service could easily be shared with another service that may offer them better, more personalised content.

46% of Indians frustrated with OTT viewing experiences: Study

<ul><li>Nearly 7/10 subscribers to multiple <keyword id="778108" type="General" weightage="20" keywordseo="streaming-services" source="Orion">streaming services</keyword> in India expressed frustration with their viewing experiences.</li><li>46% of those surveyed indicate they spend more than six minutes searching for something to watch.</li><li>Consumers in India also think more than 60% of the content they are paying for is not relevant to them.</li></ul>Nearly seven-in-ten subscribers to multiple streaming services in India expressed frustration with their viewing experiences, according to a new report from Accentur, and 46% of those surveyed indicate they spend more than six minutes searching for something to watch. The “Streaming’s Next Act: Aggregators to play a starring role in making consumers happier” report surveyed 6,000 consumers globally to understand their preferences, beliefs, and behaviors on their video content streaming experiences. In addition to the challenge of finding something to watch, consumers in India also think more than 60% of the content they are paying for is not relevant to them. Furthermore, 81% of those surveyed in India say they wish their profile from one service could easily be shared with another service that may offer them better, more personalized content. Saurabh Kumar Sahu, managing director and lead for Communications, <keyword id="3060212" type="General" weightage="20" keywordseo="media-and-technology" source="Orion">Media and Technology</keyword> practice, <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword> in India said, “As the video streaming segment has matured, consumers are increasingly finding the experience to be complicated, expensive and hard to use. Evolving consumer preferences and tough economics will create challenges for video streaming platforms. To win in this competitive space, the ecosystem needs a major reset, in addition to providing consumers greater control over their viewing experience.” Accenture’s research also indicates that while consumers care more about the content delivered by streaming services, they find the navigation experience with the growing number of services to be increasingly frustrating. Content aggregators can address this concern by unifying access across streaming services through application software, services and data-sharing agreements. Aggregators can also foster flexibility and personalization for viewers by serving as a single platform with curated content that enables them to select exactly what they want to watch. “Till now, most Indian OTT platforms have tried to differentiate through content and majority of their investments have gone into flagship titles. With changing viewing patterns, this needs to change and factor in scenarios like shared viewing. For the next phase of growth, these platforms need to focus on improving consumer experience and product features,” said Neeraj Sharma, managing director – Communications, Media and Technology, Accenture in India. The report also offers the following considerations for companies in the streaming entertainment ecosystem—from video, music and podcasts to gaming—so they can start on a journey of deeper consumer relationships: <ul><li class="m_7274215056190150355xxxxxmsolistparagraph">Consider your play in the aggregated world. Determine if you want to be an integrator or the integrated, so you can either shape distribution deals to entice subscription video on demand (SVOD) and advertising-based video on demand (AVOD) services to participate or partner with the entities vying to be the preferred integrator.</li></ul><ul><li class="m_7274215056190150355xxxxxmsolistparagraph">Start planning for a distributed data model. Invest in data privacy and make that commitment known to your consumers, so they are confident sharing data that is critical for integration and personalization services.</li></ul><ul><li class="m_7274215056190150355xxxxxmsolistparagraph">Be ready to stretch. Think beyond SVOD and AVOD services to consider music services, podcast and e-book services, video games, home security, food delivery services and more. </li></ul><ul><li class="m_7274215056190150355xxxxxmsolistparagraph">Engage in experimentation. Players with data-driven experimentation at the core of how they operate will be far more ready and nimble to adapt to changing consumer preferences.</li></ul>

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Indian economy could get USD 675 billion due to AI by 2038, study shows

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